Gold next move

The price is currently at a prior resistance level (~3,229) which may act as a supply zone. The market has already failed to break above this level multiple times in the past, indicating strong selling pressure.

2. Volume Divergence

If we analyze the volume at the most recent peaks, there's a possibility of lower buying volume despite higher prices—this could signal weakening bullish momentum.

3. False Breakout Risk

The chart suggests a possible pullback to the red demand zone before continuation. However, if the price fakes out into the zone and fails to hold above ~3,210, this could trigger a deeper selloff.

4. Double Top Formation Risk

There appears to be a potential double top pattern around 3,250–3,260, which may signal a bearish reversal if neckline support (~3,210) is broken.

5. Macroeconomic Influence

Unless supported by strong fundamentals (e.g., dovish Fed signals, rising inflation), any bullish breakout might lack fuel to sustain a rally beyond resistance.

Disruptive Bearish Scenario:

Price breaks below the red demand zone (~3,210).

Retests it as resistance.

Targets the next major support zone near 3,175–3,180.